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Properties of the Social Discount Rate in a Benthamite Framework with Heterogeneous Degrees of Impatience

Jouini, Elyès; Napp, Clotilde; Nocetti, Diego - Université Paris-Dauphine (Paris IX) - 2008

This paper derives the properties of the discount rate that should be applied to a public-sector project when the affected population has heterogeneous degrees of impatience. We show that, for any distribution of discount rates, the social discount rate has the following properties: it decreases...

Persistent link: https://www.econbiz.de/10010707601

The Impacts of Corporate Governance On the Performance of Privatized Firms In Vietnam

Tran Thi, Que Giang - Université Paris-Dauphine (Paris IX) - 2008

, Nash and Van Randenborgh (MNR 1994) by using the Wilcoxon and proportion tests to compare the pre- and post-privatization … studies, it has its shortcomings. Indeed, this method is unable to isolate the impact of privatization on firm performance … employed in this paper. Both approaches confirm that privatization in Vietnam brings about significant improvement in most …

Persistent link: https://www.econbiz.de/10010706886

Employee Ownership, Board Representation, and Corporate Financial Policies

Ginglinger, Edith; Megginson, William; Waxin, Timothée - Université Paris-Dauphine (Paris IX) - 2011

French law mandates that employees of publicly listed companies can elect two types of directors to represent employees. Privatized companies must reserve board seats for directors elected by employees by right of employment, while employee-shareholders can elect a director whenever they hold at...

Persistent link: https://www.econbiz.de/10010708775

Employee Ownership, Board Representation, and Corporate Financial Policies

Ginglinger, Edith; Waxin, Timothée; Megginson, William - Université Paris-Dauphine (Paris IX) - 2009

French law mandates that employees of large publicly listed companies be allowed to elect two types of directors to represent employees. First, partially privatized companies must reserve two or three (depending on board size) board seats for directors elected by employees by right of...

Persistent link: https://www.econbiz.de/10011074058

Skin in the Game and Moral Hazard

Chemla, Gilles; Hennessy, Christopher A. - Université Paris-Dauphine (Paris IX) - 2013

What determines equilibrium securitization levels, and should they be regulated? To address these questions we develop a model where originators can exert unobservable effort to increase asset quality, subsequently having private information regarding quality when selling ABS to rational...

Persistent link: https://www.econbiz.de/10011072798

Skin in the Game and Moral Hazard

Chemla, Gilles; Hennessy, Christopher A. - Université Paris-Dauphine (Paris IX) - 2014

What determines securitization levels, and should they be regulated? To address these questions we develop a model where originators can exert unobservable effort to increase expected asset quality, subsequently having private information regarding quality when selling ABS to rational investors....

Persistent link: https://www.econbiz.de/10011166577

Optimal Liquidity management and Hedging in the presence of a non-predictable investment opportunity

Villeneuve, Stéphane; Warin, Xavier - Université Paris-Dauphine (Paris IX) - 2014

In this paper, we develop a dynamic model that captures the interaction between a firm’s cash reserves, the risk management policy and the profitability of a non-predictable irreversible investment opportunity. We consider a firm that has assets in place generating a stochastic cash-flow...

Persistent link: https://www.econbiz.de/10011082467

Us Bank Holding Companies: Structure Of Activities And Performance Through The Cycles

Albert, Stéphane - Université Paris-Dauphine (Paris IX) - 2014

The development of market-based finance and amendments to regulation on bank powers have supported a larger involvement of US banks in financial activities over the last decades. Changes in the structure of income question risks though. Especially, with a performance perspective: does...

Persistent link: https://www.econbiz.de/10011072333

Bilateral exposures and systemic solvency risk

Gouriéroux, Christian; Héam, Jean-Cyprien; Monfort, Alain - Université Paris-Dauphine (Paris IX) - 2012

By introducing a structure of the balance sheets of the banks, which takes into account their bilateral exposures in terms of stocks or lendings, we get a structural model for default analysis. This model allows us to distinguish the exogenous and endogenous default dependence. We prove the...

Persistent link: https://www.econbiz.de/10011265532

Les effets de la supervision et de la réglementation sur les crises bancaires

Chebbi, Mohamed Jaber - Université Paris-Dauphine (Paris IX) - 2006

Dans ce papier, nous avons analysé les liens possibles entre les indicateurs de supervision, de réglementation et les crises bancaires, nous avons construit alors différents indicateurs de supervision, de réglementation pour 40 pays développés et émergents. Nous avons appliqué un modèle...

Persistent link: https://www.econbiz.de/10010707353

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